IndyMac Bankcorp Failed - Seized

I believe this happened after markets closed.

I'm also hearing the Senate passed mortgage bill today has a "long way to go". Nero fiddles while Rome burns.

Feds Seize IndyMac:

IndyMac Bancorp Inc. became the second-biggest federally insured financial company to be seized by U.S. regulators after a run by depositors left the California mortgage lender short on cash.

The Federal Deposit Insurance Corp. will run a successor institution, IndyMac Federal Bank, starting next week, the Office of Thrift Supervision said in an e-mailed statement today. Customers will have access to funds this weekend via automated teller machines. Regulators intend to eventually sell the company.

Sen. Durbin action on mortgage amendment

Senator Dick Durbin put out an action alert. He wants you to write your representatives demanding a bankruptcy amendment to allow judges to renegotiate mortgages in bankruptcy court.

This is a really much needed change in the law so I hope you all email your representatives.

He has made it easy for you, just fill out your zip and click send.